HOUSTON, TX -- Crestwood Midstream Partners LP (NYSE: CMLP) announced on Jan. 18 that the Board of Directors of its general partner has declared a regular quarterly distribution of $0.49 per unit for the quarter ended December 31, 2011. This quarterly distribution will be payable on February 10, 2012, to unitholders of record on January 31, 2012. The quarterly distribution represents a 14 percent increase over the $0.43 per unit distribution paid with respect to the fourth quarter of 2010. The Class C units issued in April 2011 will not receive a cash distribution, but will instead be issued additional Class C units.
Crestwood also announced the addition of Robert T. Halpin, Vice President of Business Development, to Crestwood's general partner executive team. Mr. Halpin was previously an associate at First Reserve Corporation, the majority owner of Crestwood's general partner, since 2009 where he worked closely with Crestwood management in the selection, evaluation, negotiation and financing of over $1.3 billion in acquisitions and capital projects. Prior to joining First Reserve, Mr. Halpin was an analyst in the global natural resource group at Lehman Brothers.
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